Vikram Solar Q1 FY27 Net Profit Falls 82% YoY

Summary of Key Information:

Reporting Period (Quarter/Year): Quarter ended June 30, 2026 (Q1 FY27)

Nature of Filing / Announcement: Outcome of Board Meeting pursuant to Regulation 30 of SEBI Listing Regulations

Date of Board Meeting / Approval: August 06, 2026 (15:30 PM to 20:00 PM)

Audit Opinion: Unqualified with Emphasis of Matter

Auditor’s Comment: Emphasis of Matter on two items: 1) ₹1,485.20 million safeguard duty considered receivable as matter is subjudice, 2) ₹528.09 million withheld by customers for disputed claims referred to arbitration/court.

Key Financial Highlights [₹ in million]

Standalone Results:

| Revenue from Operations | 15,485.69 | 14,709.69 | +5.3% | 11,394.01 |

| Total Income | 15,485.69 | 14,709.69 | +5.3% | 11,394.01 |

| Total Expenses | 15,243.59 | 13,316.69 | +14.5% | 9,571.06 |

| Profit before tax | 242.10 | 1,393.00 | -82.6% | 1,822.95 |

| Tax Expense | 54.83 | 293.26 | -81.3% | 478.80 |

| Net Profit | 187.27 | 1,099.74 | -83.0% | 1,344.15 |

| EPS (Basic) (₹) | 0.52 | 3.04 | -82.9% | 4.24 |

| EPS (Diluted) (₹) | 0.51 | 3.02 | -83.1% | 4.23 |

| Paid-up Equity Share Capital | 3,623.54 | 3,623.30 | - | 3,165.36 |

Consolidated Results:

| Revenue from Operations | 15,847.90 | 14,710.52 | +7.7% | 11,394.01 |

| Total Income | 15,847.90 | 14,710.52 | +7.7% | 11,394.01 |

| Total Expenses | 15,624.96 | 13,319.64 | +17.3% | 9,571.55 |

| Profit before tax | 252.20 | 1,390.48 | -81.9% | 1,806.24 |

| Tax Expense | 54.43 | 286.26 | -81.0% | 472.60 |

| Net Profit | 197.77 | 1,104.22 | -82.1% | 1,333.64 |

| EPS (Basic) (₹) | 0.55 | 3.05 | -82.0% | 4.21 |

| EPS (Diluted) (₹) | 0.54 | 3.03 | -82.2% | 4.20 |

| Paid-up Equity Share Capital | 3,623.54 | 3,623.30 | - | 3,165.36 |

Material Financial Trend: Significant deterioration in profitability with net profit declining approximately 82% YoY despite modest revenue growth, primarily due to increased expenses.

Segment-wise Performance:

The Company has identified only one reportable segment: "Manufacturing of Solar Photovoltaic Modules as well as the Engineering, Procurement and Construction (EPC) and operation & maintenance of solar power plant." Accordingly, no separate segment information is provided.

Corporate Actions:

Dividend: Not Specified

Share Issuance: 24,200 equity shares (face value ₹10 each) were issued and allotted under the Company's Employees Stock Option schemes during the quarter, increasing paid-up capital to ₹3,623.54 million.

Other Significant Information:

Capacity Expansion: Board approved enhancement of proposed backward-integrated wafer and ingot manufacturing facility at Gangaikondan site, Tamil Nadu from 6 GW to 9 GW. Investment required: Up to ₹55.89 billion. Mode of financing: Through internal accruals, debt and/or other financing arrangements. Scheduled commissioning: By FY29. Rationale: To capitalize on regulatory shift with enforcement of ALMM-3 from June 2028.

Legal Contingencies:

1. Safeguard duty of ₹1,485.20 million paid until July 29, 2021, considered receivable as matter is subjudice before Supreme Court and Orissa High Court.

2. ₹528.09 million withheld/recovered by certain customers related to EPC contracts for liquidated damages, generation loss, etc., which the Company has not acknowledged. Matters referred to dispute resolution/arbitration/court.

Subsidiaries: The consolidated results include 9 subsidiaries: VSL Green Power Private Limited, VSL Powerhive Private Limited, Vikram Solar Foundation, VSL Recycle Services Pvt Ltd, Vikram Solar US Inc., Vikram Solar Pte. Ltd., Vikram Solar GmbH, Solarcode Vikram Management GmbH, and Solarcode Vikram Solarkraftwerk 1 GmbH & CoKG.

Entities included in consolidation: All subsidiaries are fully consolidated.